Brooky_Fibbed_Donchian
Download script
This script is a specialized technical analysis tool designed for the MetaTrader 4 platform. It combines several popular trading concepts—Donchian Channels, Fibonacci retracements, and Mean Reversion principles—into a single visual indicator to help traders identify price boundaries and potential reversal zones.
Core Logic and Functionality
1. Price Range Identification (Donchian Basis) The script begins by looking back over a specific number of historical bars (defined by the user). It identifies the highest peak and the lowest trough within that timeframe. This creates a "price channel" or a boundary of where the market has recently traded.
2. Dynamic Channel Compression Unlike a standard channel, this script includes a percentage-based reduction logic. It allows the user to "shrink" the price range. By applying a percentage change, the script recalculates the boundaries to be tighter, making it easier to identify more sensitive volatility shifts rather than just broad historical extremes.
3. Fibonacci Integration Inside the main price channel, the script automatically calculates specific Fibonacci retracement levels (such as 0.236 and 0.382). This provides "inner" support and resistance lines. By visualizing these, a trader can see not just the outer limits of the market, but also the most likely internal areas where price might stall or bounce.
4. Mean Line Calculation The script calculates a "Mean" line, which represents the mathematical center of the current channel. This acts as a baseline for the market's equilibrium. In many trading strategies, this is used to determine if the price is currently "overextended" (too far above or below the average) and likely to return to the middle.
5. Visual Aids and Real-Time Tracking To assist with visual analysis, the script can draw physical dots on the chart at specific price points:
- The Upper and Lower channel boundaries.
- The various Fibonacci internal levels.
- The Mean (center) line. This allows traders to see exactly where these calculated values sit in relation to the current live candle.
6. Automated Alert System The script includes a sophisticated notification system that monitors price action in real-time. It can trigger sound alerts based on three specific conditions:
- Mean Cross: When the current price moves through the center (Mean) line.
- Upper Cross: When the price breaks through the upper boundary of the channel.
- Lower Cross: When the price breaks through the lower boundary of the channel.
The alert system is designed to be "intelligent," meaning it ensures that you only receive one notification per candle rather than being bombarded with multiple alerts for the same price movement.
Summary for the User
In simple terms, this tool draws a box around recent market activity, shrinks that box based on your preference, adds internal "safety" lines based on Fibonacci ratios, and pings you whenever the price touches or breaks through these important boundaries. It is designed to help you visualize "overbought" and "oversold" conditions at a glance.
//+------------------------------------------------------------------+
//| Brooky_Fibbed_Donchian.mq4 |
//| Copyright © 2010, www.Brooky-Indicators.com. |
//| http://www.www.Brooky-Indicators.com |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2010, www.Brooky-Indicators.com."
#property link "http://www.www.Brooky-Indicators.com"
extern string Hello_From = " www.Brooky-Indicators.com ";
//---- indicator settings
#property indicator_chart_window
#property indicator_buffers 7
#property indicator_color1 Red
#property indicator_color2 Blue
#property indicator_width1 1
#property indicator_width2 1
#property indicator_color3 Orange
#property indicator_color4 DodgerBlue
#property indicator_width3 1
#property indicator_width4 1
#property indicator_color5 Yellow
#property indicator_color6 Aqua
#property indicator_width5 1
#property indicator_width6 1
#property indicator_color7 Aqua
#property indicator_width7 2
//---- indicator parameters
extern string Setting_1 = "+-- Bars Back between Peaks and Troughs --+";
extern int periods=96;
extern string Setting_1a = "+-- Use Hi Lo or Close Prices --+";
extern bool use_closes = false;
extern int shift_ahead =0;
extern string Setting_2 = "+-- % change: Reduces by % value --+";
extern int percent_range_change=50;
extern string Setting_3 = "+-- Inner Line Fib Levels --+";
extern double fib1 = 0.236;
extern double fib2 = 0.382;
extern string Setting_4 = "+-- Fib Line Style 0 to 4 --+";
extern string Setting_4a = "+ 0=Solid, 1=Dash, 2=DashDot, 3=DashDotDot +";
extern int line_style = 2;
extern string Setting_5 = "+-- Centre Line Style 0 to 4 --+";
extern int mean_line_style = 0;
extern string Setting_6 = "+-- See Line Prices --+";
extern bool see_all_prices = false;
extern bool see_main_prices = true;
extern int label_size = 2;
extern string Setting_7 = "+-- Sound Alert --+";
extern bool alerts_on =true;
extern bool alert_mean_line_cross = true;
extern bool alert_channel_line_cross = true;
//---- indicator buffers
double upper[];
double lower[];
double inupper[];
double inlower[];
double in2upper[];
double in2lower[];
double mean[];
int init()
{
//---- indicator buffers
SetIndexBuffer(0,upper);
SetIndexStyle(0,DRAW_LINE,line_style);
SetIndexLabel(0,"Upper");
SetIndexShift(0,shift_ahead);
SetIndexBuffer(1,lower);
SetIndexStyle(1,DRAW_LINE,line_style);
SetIndexLabel(1,"Lower");
SetIndexShift(1,shift_ahead);
SetIndexBuffer(2,inupper);
SetIndexStyle(2,DRAW_LINE,line_style);
SetIndexLabel(2,"Upper Less"+DoubleToStr(fib1*1000,0));
SetIndexShift(2,shift_ahead);
SetIndexBuffer(3,inlower);
SetIndexStyle(3,DRAW_LINE,line_style);
SetIndexLabel(3,"Lower Plus"+DoubleToStr(fib1*1000,0));
SetIndexShift(3,shift_ahead);
SetIndexBuffer(4,in2upper);
SetIndexStyle(4,DRAW_LINE,line_style);
SetIndexLabel(4,"Upper Less"+DoubleToStr(fib2*1000,0));
SetIndexShift(4,shift_ahead);
SetIndexBuffer(5,in2lower);
SetIndexStyle(5,DRAW_LINE,line_style);
SetIndexLabel(5,"Lower Plus"+DoubleToStr(fib2*1000,0));
SetIndexShift(5,shift_ahead);
SetIndexBuffer(6,mean);
SetIndexStyle(6,DRAW_LINE,mean_line_style);
SetIndexLabel(6,"Mean");
SetIndexShift(6,shift_ahead);
//---- name for DataWindow and indicator subwindow label
IndicatorShortName("Brooky Fibbed Donchian("+periods+")");
return(0);
}
//+------------------------------------------------------------------+
int deinit()
{
//----
ObjectDelete("Price1");
ObjectDelete("Price2");
ObjectDelete("Price3");
ObjectDelete("Price4");
ObjectDelete("Price5");
ObjectDelete("Price6");
ObjectDelete("Price7");
//----
return(0);
}
//+------------------------------------------------------------------+
int start()
{
int limit;
int counted_bars=IndicatorCounted();
//---- last counted bar will be recounted
if(counted_bars>0) counted_bars--;
limit=Bars-counted_bars;
double up,lo,hilo,newup,newlo,newhilo,hnow,lnow;
//---- calculate values
for(int i=0; i<limit; i++)
{
if(use_closes)
{
up=iClose(NULL,0,iHighest(NULL,0,MODE_HIGH,periods,i));
lo=iClose(NULL,0,iLowest(NULL,0,MODE_LOW,periods,i));
}else
{
up=iHigh(NULL,0,iHighest(NULL,0,MODE_HIGH,periods,i));
lo=iLow(NULL,0,iLowest(NULL,0,MODE_LOW,periods,i));
}
hilo = (up-lo)*(100-percent_range_change)/100;
newup = (up-((up-lo)/2))+(hilo/2);
newlo = (lo+(up-lo)/2)-(hilo/2);
newhilo = (newup-newlo)*(100-percent_range_change)/100;
upper[i]=newup;
lower[i]=newlo;
inupper[i]=newup-(newhilo*fib1);
inlower[i]=newlo+(newhilo*fib1);
in2upper[i]=newup-(newhilo*fib2);
in2lower[i]=newlo+(newhilo*fib2);
mean[i]=(newup+newlo)/2;
if(see_all_prices)
{
DrawPrice1(Time[i-1],upper[i], indicator_color1);
DrawPrice2(Time[i-1],lower[i], indicator_color2);
DrawPrice3(Time[i-1],inupper[i], indicator_color3);
DrawPrice4(Time[i-1],inlower[i], indicator_color4);
DrawPrice5(Time[i-1],in2upper[i], indicator_color5);
DrawPrice6(Time[i-1],in2lower[i], indicator_color6);
DrawPrice7(Time[i-1],mean[i], indicator_color7);
WindowRedraw();
}
if(see_main_prices)
{
DrawPrice1(Time[i-1],upper[i], indicator_color1);
DrawPrice2(Time[i-1],lower[i], indicator_color2);
DrawPrice7(Time[i-1],mean[i], indicator_color7);
WindowRedraw();
}
//--alerts
if(alerts_on)
{
datetime sigtime = iTime(NULL,0,i);
int sighr = TimeHour(sigtime);
int sigmin = TimeMinute(sigtime);
int sigday = TimeDay(sigtime);
int sigmth = TimeMonth(sigtime);
int sigyr = TimeYear(sigtime);
string tdisplay = sigday+"/"+sigmth+"/"+sigyr+": "+sighr+":"+sigmin;
string tf = "Tf:"+Period();
if(Period()==1)tf = "M1";
if(Period()==5)tf = "M5";
if(Period()==15)tf = "M15";
if(Period()==30)tf = "M30";
if(Period()==60)tf = "H1";
if(Period()==240)tf = "H4";
if(Period()==1440)tf = "Daily";
if(Period()==10080)tf = "Weekly";
if(Period()==43200)tf = "Monthly";
string prealertcom = "( "+Symbol()+" )"+tf+"( "+tdisplay+" )";
hnow= iHigh(NULL,0,i);
lnow= iLow(NULL,0,i);
if(alert_mean_line_cross)
{
string mcom = "Mean Cross";
if(hnow>mean[i] && lnow<mean[i])
{
int alertname = 1;
AlertOnce (mcom+prealertcom,alertname);
}
}
if(alert_channel_line_cross)
{
string ucom = "Upper Cross";
string lcom = "Lower Cross";
if(hnow>upper[i] && lnow<upper[i])
{
int alertname2 = 2;
AlertOnce (ucom+prealertcom,alertname2);
}
if(hnow>lower[i] && lnow<lower[i])
{
int alertname3 = 3;
AlertOnce (lcom+prealertcom,alertname3);
}
}
}
}
//---- done
return(0);
}
//----------------------------------------------------------------------+
void DrawPrice1(datetime x1, double y1, color PriceColor1)
{
string label1 = "Price1";
ObjectDelete(label1);
ObjectCreate(label1,OBJ_ARROW, 0, x1,y1);
ObjectSet(label1, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(label1, OBJPROP_ARROWCODE, 6);
ObjectSet(label1, OBJPROP_COLOR,PriceColor1);
ObjectSet(label1, OBJPROP_WIDTH,label_size);
}
void DrawPrice2(datetime x2, double y2, color PriceColor2)
{
string label2 = "Price2";
ObjectDelete(label2);
ObjectCreate(label2,OBJ_ARROW, 0, x2,y2);
ObjectSet(label2, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(label2, OBJPROP_ARROWCODE, 6);
ObjectSet(label2, OBJPROP_COLOR,PriceColor2);
ObjectSet(label2, OBJPROP_WIDTH,label_size);
}
void DrawPrice3(datetime x3, double y3, color PriceColor3)
{
string label3 = "Price3";
ObjectDelete(label3);
ObjectCreate(label3,OBJ_ARROW, 0, x3,y3);
ObjectSet(label3, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(label3, OBJPROP_ARROWCODE, 6);
ObjectSet(label3, OBJPROP_COLOR,PriceColor3);
ObjectSet(label3, OBJPROP_WIDTH,label_size);
}
void DrawPrice4(datetime x4, double y4, color PriceColor4)
{
string label4 = "Price4";
ObjectDelete(label4);
ObjectCreate(label4,OBJ_ARROW, 0, x4,y4);
ObjectSet(label4, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(label4, OBJPROP_ARROWCODE, 6);
ObjectSet(label4, OBJPROP_COLOR,PriceColor4);
ObjectSet(label4, OBJPROP_WIDTH,label_size);
}
void DrawPrice5(datetime x5, double y5, color PriceColor5)
{
string label5 = "Price5";
ObjectDelete(label5);
ObjectCreate(label5,OBJ_ARROW, 0, x5,y5);
ObjectSet(label5, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(label5, OBJPROP_ARROWCODE, 6);
ObjectSet(label5, OBJPROP_COLOR,PriceColor5);
ObjectSet(label5, OBJPROP_WIDTH,label_size);
}
void DrawPrice6(datetime x6, double y6, color PriceColor6)
{
string label6 = "Price6";
ObjectDelete(label6);
ObjectCreate(label6,OBJ_ARROW, 0, x6,y6);
ObjectSet(label6, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(label6, OBJPROP_ARROWCODE, 6);
ObjectSet(label6, OBJPROP_COLOR,PriceColor6);
ObjectSet(label6, OBJPROP_WIDTH,label_size);
}
void DrawPrice7(datetime x7, double y7, color PriceColor7)
{
string label7 = "Price7";
ObjectDelete(label7);
ObjectCreate(label7,OBJ_ARROW, 0, x7,y7);
ObjectSet(label7, OBJPROP_STYLE, STYLE_SOLID);
ObjectSet(label7, OBJPROP_ARROWCODE, 6);
ObjectSet(label7, OBJPROP_COLOR,PriceColor7);
ObjectSet(label7, OBJPROP_WIDTH,label_size);
}
//------------------------------------------------------------+
bool AlertOnce(string alert_msg, int ref)
{
int barcheck = Bars;
static int LastAlert_1 = 0;
static int LastAlert_2 = 0;
static int LastAlert_3 = 0;
switch(ref)
{
case 1:
if( LastAlert_1 == 0 || LastAlert_1 < barcheck )
{
Alert(alert_msg);
LastAlert_1 = barcheck;
return (1);
}
break;
case 2:
if( LastAlert_2 == 0 || LastAlert_2 < barcheck )
{
Alert(alert_msg);
LastAlert_2 = barcheck;
return (1);
}
break;
case 3:
if( LastAlert_3 == 0 || LastAlert_3 < barcheck )
{
Alert(alert_msg);
LastAlert_3 = barcheck;
return (1);
}
break;
}
}
Comments